Elon Musk has informed Twitter that he’s terminating a deal to buy the social media giant.
A law firm representing the Tesla CEO sent a letter to Twitter, alleging that it appears “to have made false and misleading representations” when Musk agreed to buy the company on April 25 and has “breached” multiple provisions of the initial agreement.
The announcement from Musk comes after a months long feud over how many spam and fake accounts are on Twitter, and the Tesla CEO requested that Twitter provide details supporting its internal estimate that less than 5% of the platform’s accounts are spam or fake.
Twitter board of directors Chairman Bret Taylor responded to the letter, stating that it plans to pursue legal action to enforce the merger agreement between Musk.
“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr. Musk and plans to pursue legal action to enforce the merger agreement. We are confident we will prevail in the Delaware Court of Chancery,” Taylor said.
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